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While the price of crude oil has been tanking, there’s another oil that’s been experiencing a major boom.

Argan oil, long used as a medicine and a staple in the cuisine of the Berbers of North Africa, has many recently discovered uses: namely in hair and skin care.

Around 2009, this ancient oil stirred up a global cosmetic craze. Its unique properties mean it can be used in a wide variety of beauty contexts including as a moisturizer, an exfoliating agent, a skin toner, and a hair conditioner. It even helps reduce acne and can heal razor burn.

The oil is made from seeds of the argan tree, which are harvested, crushed, shelled and pressed. With traditional methods, more than 100 pounds of argan nuts are required to produce one pint of argan oil.

Because of its versatility, there’s now serious demand around the world. That demand has helped turn Agadir, Morocco into a major production hub. For the past five years, small businesses managed by entrepreneurial Berber women have been thriving. Argan oil is now the world’s most expensive edible oil.